Private Credit Radar
  1. 1 Marked below 90
  2. 2 Markdown breadth
  3. 3 Cross-manager mark gap
  4. 4 PIK switch rate
  5. 5 Distress amendments
  6. 6 Non-accrual

Indicator 3 of 6

Cross-manager mark gap

The share of borrowers held by two or more managers whose marks differ by five points or more.

12.3% at 30 June 2026 for all funds, against 9.3% a year earlier and 11.6% in the previous quarter.

Marks 5+ points apart · % of borrowers
Marks 5+ points apart, all funds 0 2.5 5 7.5 10 12.5 15 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 % of borrowers Marks 5+ points apart, all funds (compact) 0 2.5 5 7.5 10 12.5 15 2023 2024 2025 2026

Definition

For every borrower held by at least two fund managers, the senior position each manager holds is compared (the largest one where a manager holds several). The indicator is the share of these borrowers whose highest and lowest marks differ by five points or more. Computed for all funds only.

How to read it

Lenders that hold the same loan see the same borrower. When their marks drift apart, at least one of them is re-assessing the credit. A widening gap is one of the earliest signs that loan quality is deteriorating.

Behind this indicator

Members also see the full indicator set by seniority, sponsor status and sector, and a quarterly note on what moved.

What each level receives →

The series

Percent, all funds.

Quarter-endAll funds
Q2 202612.3
Q1 202611.6
Q4 20259.6
Q3 20258.7
Q2 20259.3
Q1 20259.7
Q4 20249.0
Q3 20249.8
Q2 20249.5
Q1 202410.9
Q4 202312.4
Q3 202313.5
Q2 202314.7
Q1 202314.1

Source: Private Credit Radar, version 1.0; SEC EDGAR schedules of investments, filings pulled 19 September 2026. Download this series (CSV) · Method

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